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CBCG Mission

Central Bank of Montenegro was established on the basis of the Central Bank of Montenegro Law (“Official Gazette of the Republic of Montenegro”, No.52/00 and 47/01) passed by the Parliament of the Republic of Montenegro in November 2000. The Central Bank started to operate on 15 March 2001 with the appointment of members of the Central Bank Council.

According to the latest Central Bank of Montenegro Law (“Official Gazette of Montenegro”, No.40/10, 46/10 and 6/13) the Central Bank mission is to incite and preserve stability of financial systems, including incitement and maintaining of the sound banking system, safe and efficient payment transactions.

According to Article 14 of the CBCG Law, the basic functions of the Central Bank shall be to:

  1. oversee the maintenance of stability of the financial system as a whole and pass pertinent regulations and measures; 
  2. issue licenses and approvals to banks and financial institutions and supervise banks and financial institutions;
  3. carry out bankruptcy and liquidation proceedings against banks and financial institutions in line with the law;
  4. regulate the national and international payment system transactions and supervise payment systems;
  5. may be a payment system owner and operator and a participant in other payment systems;
  6. license payment systems other than the one it operates and oversee payment systems;
  7. manage the international reserves;
  8. act as the payment and/or the fiscal agent towards international financial institutions and may be the representative of Montenegro in international financial institutions;
  9. perform macroeconomic analyses, including monetary, fiscal, financial and the balance of payments analyses, and communicate economic policy recommendations to the Government;
  10. identify, analyse and assess the impact of certain factors on the financial system stability as a whole, which are in accordance with this law and law governing statistics and statistical system; 
  11. collect and statistically process data and information of importance for the achievement of objectives and the exercising of functions of the Central Bank;
  12. set up the information system required for undisturbed exercising of its functions;
  13. perform transfers in the national and international financial markets;
  14. accept deposits of banks, government bodies and organisations and financial institutions and other parties in accordance with the regulations;
  15. open accounts for banks and financial institutions, government bodies and organisations, foreign banks, central banks, international financial institutions, organisations donating funds to government bodies and organisations, and other entities in accordance with the law and other regulations, and perform payment transactions for those accounts;
  16. pass regulations and measures pursuant to its authority granted under this and other law;
  17. perform other activities in accordance with this and other law.

 

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